Some employers have asked whether they can extend the deadline for employees to file flexible spending account claims. Most plans required employees to file claims within three months of the end of the plan year. For calendar year plans, this deadline would be March 31. The deadline for filing claims (but not the deadline for...
The IRS announced yesterday that 2019 HSA Contributions will be accepted up to the filing deadline of July 15, 2020. The guidance was issued as a follow up to IRS Notice 2020-18. This change will allow the system to accept HSA contributions for 2019 up until the new filing date of July 15th, 2020. We...
Missing March Madness? We’ve put together an FSA-eligible expense bracket instead! Which of these eligible expenses would win your bracket?
We have received a number of questions concerning how temporary employee furloughs or reductions in hours because of the COVID-19 virus affects Cafeteria plan benefits. Click here for a general discussion of the issues raised. Some of the plan provisions may be specific to documents prepared by Advantage Administrators and may not reflect the provisions...
Our receptionist, Paula, became a grandma for the first time this week. Congratulations Paula!
As concern grows around COVID-19 (coronavirus), Advantage Administrators wants to ensure our clients, that you and our employees health and safety is our top priority. Our management team is closely monitoring the situation and are meeting daily so we can take all action to protect our clients and employees. Advantage Administrators has several options...
Those with an HSA have to take a few additional steps when filing taxes. Follow our checklist to ensure you don’t miss anything. If you have an HSA, before you file taxes: Check your payroll contributions on your W-2. If you added funds, collect your 5498-SA form for contributions. If you spent funds, collect...
All three portals (Administrator, Employer, and Consumer) and both Mobile Apps (iOS and Android) will be unavailable during the following time: Saturday, March 14, 3:00 p.m. – 12:00 a.m. Midnight Central Time
Meet our final spring intern, Abu Conteh! Abu is a senior at Wartburg majoring in Business Administration with an economics and finance concentration. He plans to attend grad school in September. Abu is originally from Sierra Leone.
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The Section 125 Premium Only Plan (POP) saves employers and their employees money by reducing payroll taxes. It works by making one simple adjustment in their payroll process – employees pay their portion of the insurance premiums on a pre-tax basis rather than on an after tax-basis.
The Premium Only Plan (POP) reduces employers taxable payroll by reducing employees taxable income. So, both employers and employees pay less in taxes.
IRS-sanctioned Premium Only Plans (POP) were created by the Revenue Act of 1978 and are governed by IRS Code Section 125. With a Premium Only Plan (POP):
Any employer can sponsor a Premium Only Plan (POP)
Regular corporations, partnerships, S corporations, LLC’s, sole proprietors, professional corporations, and not-for-profits can all save money on payroll taxes by establishing a Premium Only Plan (POP).
Who can participate?
While regulations prohibit a sole proprietor, partner, or members of an LLC, individuals owning more than 2% of an S corporation, or their spouse and dependents, from participating in the POP, they may still sponsor a plan and benefit from the savings on payroll taxes.
Begin saving taxes immediately.
You can start your Premium Only Plan (POP) at any time. Plus, you can have a short plan year for the first year, so that future plan years coincide with either your fiscal year or the calendar year.
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